The Securities and Exchange Board of India has issued circular for Review of Requirement for copy of PAN Card to open accounts of Foreign Portfolio Investors (FPIs) and decided that the intermediaries can verify the PAN of FPIs online from website authorised by Income Tax department at the time of account-opening for FPIs. However, FPIs need to provide the copy of PAN card of account-opening or before remitting funds out of India, whichever is earlier to their intermediaries.
The Reserve Bank of India has modified the Foreign Exchange Management (Insurance) Regulations, 2015. The Memorandum of Foreign Exchange Management Regulations relating to General/ Health Insurance (GIM) and Life Insurance (LIM) in India have also been suitably modified. According to new changes, all general/ health insurance policies permitted by IRDAI are allowed to be placed in foreign exchange and No RBI permission is required for issuance/ renewal of any insurance policy.